Ripples of Region's Credit Crunch Led to Downfall of Spain's Fishing Giant

REDONDELA, Spain—The downfall of Manuel Fernández de Sousa, who built Pescanova SA from a provincial Spanish fishing company into a multinational giant, is a cautionary tale of the still-rippling European banking crisis.

His troubles began at a Feb. 27 board meeting where Pescanova's two newest directors grilled him about the company's proposed financial results.